economic activity

Question 1

what is the difference between a need and a want

Answer 1

needs are essential for survival wants are unnecessary

Question 2

what is the central purpose of economic activity

Answer 2

the central purpose of economic activity is
the production of goods and services to
satisfy needs and wants

Question 3

what are the key economic decisions

Answer 3

the key economic decisions are: what to
produce, how to produce, and who is to
benefit from the goods and services
produced

Question 3

what are the main economic groups

Answer 3

consumers, producers and government
are the main economic groups

Question 4

what is the role of a consumer

Answer 4

to demand goods and services from producers

Question 5

what is the role of a producer

Answer 5

to provide goods or services to producers

Question 6

what is the role of the government

Answer 6

to decide who benefits and receives goods or services and uses taxes to improve business